Sharp gains in recent weeks have WTI on track for its biggest monthly jump since December, up 8% in July.
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Buoyed by government production data, oil prices finish at their highest level in nearly two months.
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U.S. crude stockpiles fell a bigger-than-expected 7.2 million barrels last week.
Cuts to oil-and-gas exploration and signs of a potential slowdown in U.S. output play roles in the bullish shift in sentiment.
In oil and gas history this week...The first report of oil in the new world was documented and the "World's Wonder Oilfield" was discovered in Burkburnett, Texas.
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Saudi Arabia and Nigeria to pull back on exports and output raise hopes that market rebalancing is on the way.
Market fundamentals should dominate. But automated systems doing the trading, based on trends, have become more influential. It's why this year’s negative momentum has been hard to break.
Total crude imports to the United States have fallen in recent weeks. Has helped cut domestic crude stocks faster than normal for the time of year.
Over the past 15 weeks, U.S. oil inventories have fallen 13 times, and in most cases, the declines were more than expected.
Fundamentals are pushing oil markets higher, investor sentiments are improving... finally.